The Japanese yen is finding fresh demand after the country’s Finance Ministry (MOF) reported that the Ministry, the Bank of Japan (BOJ) and the Financial Services Agency (FSA) are due to meet on Thursday at 0745 GMT.
Japan’s top currency diplomat said that he will brief the media after the meeting.
Expectations of forex market intervention shot through the roof and put a strong bid under the yen, investors anticipate that the Japanese official could step in after USD/JPY rallied nearly 500 pips so far this week to touch 145.00, the highest level since 1998.
USD/JPY came under heavy selling pressure and quickly eroded 60-pips to fall as low as 143.55 on the above headline before recovering ground to 143.75, where it now wavers. The spot is almost unchanged on the day.
USD/JPY: 15-minutes chart